Fuel Oil Crack- New York 1% Fuel Oil vs Brent 1st Line Future

Description

A monthly cash settled future based on the difference the Platts daily assessment price for New York 1% Fuel Oil and the ICE daily settlement price for Brent 1st Line Future.

Market Specifications

Trading Screen Product Name

Fuel Oil Crack Futures

Trading Screen Hub Name

1% NYH Cg/Brent 1st Line

Commodity Code

NFB

Contract Size

1,000 barrels

Unit of Trading

Any multiple of 1,000 barrels

Currency

US Dollars and cents

Trading Price Quotation

One cent ($0.01) per barrel

Settlement Price Quotation

One tenth of one cent ($0.001) per barrel

Minimum Price Fluctuation

One tenth of one cent ($0.001) per barrel

Last Trading Day

Last Trading Day of the contract month

Floating Price

In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.

Final Settlement

In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the difference between the average of the mean of the high and low quotations appearing in the "Platts US Marketscan" under the heading "Atlantic Coast New York" subheading "Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%" and the average of the settlement prices as made public by ICE for the front month Brent 1st Line Swap Future for each Business Day in the determination period.

Roll Adjust Provision

In order to use the correct Floating Price quotations, the nearby month quotation for ICE Brent Futures specified in the Floating Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract.